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“Hardship” is the new word describing poverty in the Pacific Islands, where “the label of poverty is considered culturally inappropriate,” according to a report released by the World Bank this week, that highlights the increasing concerns over the vulnerability of many people living in its 11 member countries.

The World Bank has announced that it will fund repairs to damaged port, airport and roads in Ha’apai. “Cyclone Ian has caused devastating losses to thousands of people and will require long term efforts to rebuild safer and stronger,” the bank's Director for the Pacific Islands, Franz Dress-gross stated this week.

There is a urgent need for Pacific nations to rise above national agendas and act regionally, to respond effectively to the economic crisis in the Pacific’s albacore long line fisheries, warns the Pacific Islands Forum Fisheries Agency Director-General James Movick. Pacific countries will also need to confront distant water fishing nations to reconcile their narrow fishing interests with their broader role as key strategic and development partners of this region, he said.

Tonga's government has imposed new Duties on unhealthy foods along with higher Excise Tax Rates on tobacco products, and slashed tobacco concessions for arriving passengers by half, in an effort to encourage “healthy living”.

A new commercial bank, the Pacific International Commercial Bank, was awarded a license to operate by the National Reserve Bank of Tonga on July 2, and is expected to open in about six months time as the fifth bank in Tonga.

Economic cooperation with the emerging Asian economies is important for the economic recovery of Pacific Islands, Forum Economic Ministers agreed at the 17th Forum Economic Ministers Meeting (FEMM) in Nuku'alofa from 4-5 July.

The Asian Development Bank (ADB) has elected its new president. Japan’s Former Vice Minister of Finance for International Affairs, Takehiko Nakao will succeed Haruhiko Kuroda, also a former Japanese Parliamentarian who handed in his resignation in March.

Australia is the largest single ultimate destination for Chinese direct investment, and though Australia is a relatively small economy, it is likely to remain one of China's largest foreign investment destinations for a while to come. At the same time, the scale and pace of growth in Chinese direct investment has led to populist reactions that have challenged the open investment regime in Australia and, in particular, raised policy questions about whether investments by state-owned enterprises (SOEs) need to be treated differently from private investment. By Peter Drysdale, Australia National University.

The Tonga Government is facing up to the challenges presented by the current global financial crisis by developing a strategic plan to revive the economy, HM King Tupou VI said in opening Tonga's 2012-13 parliamentary session yesterday, June 7. He reminded the MPS that the livelihood of the people was in their hands.

Economic growth in the Pacific region is expected to slow to 6.0% in 2012, decelerating further to 4.1% in 2013, while inflation is expected to hold at moderate levels in much of the Pacific, according to the Asian Development Outlook 2012, released today by the Asian Development Bank (ADB).

While the Pacific region is expected to see some economic progress this year - mainly due to increases in commodity prices, tourism and investor-friendly policies - weak governance will continue to hinder the region's ability to make significant gains, according to the 2008 edition of the Asian Development Bank's (ADB) flagship annual economic publication, Asian Development Outlook (ADO).

My friends, we are at a crossroad where the inhabitants of the kingdom must have a "Come to Jesus" huddle and an honest to God assessment of her dire economic situation and look hard for a solution to prevent our kingdom from insolvency. Based on Honorable Matoto's assessment of our economy, the kingdom is technically on economic welfare (remittance and foreign aid). - Tama Foa

An elderly Italian, who reputedly earns $100,000 annually from growing tomatoes on one acre of sandy soil, told the Taimi of December 27 that Tongans are hard workers, but they need organization and direction. The solution to Tonga's economic woes is in the hands of the Tongans themselves. Highlights from Tonga's newspapers, December 26, 2007- January 3 2008. An English translation summary by Tevita Fonua.